Corn Exports Tread Water
Soybean sales beat expectations despite small drop off.
Bryce Knorr
Published: Nov 4, 2010
End users continue to remain on the sidelines of the corn market, with sales for the latest week again below even modest trade expectations at 18.2 million bushels. In addition to a series of cancellations of smaller purchases out of Central and South America, South Korea was missing in action, failing to show up on the list of larger buyers.
While importing nations continue to wrest with where to source feed supplies, soybean sales continue to set all kinds of records. Though net new bookings for the latest week were down from the previous week's huge totals, sales still came in at 59.4 million bushels, a big week in anybody's book. Shipments also remain strong, as expected, topping 71 million bushels, as shippers move beans out of just about every available port in the country to meet strong demand. Officially, around 60% of the sales were done by China, with more sales to unknown destinations made.
The Chinese government this week announced it would keep buying local supplies from farmers there to support rural incomes.
Wheat sales of 19.2 million were decent, falling in line with trade guesses. Buyers are back to taking only a load at a time, with plenty of grain still available on the world market.
For the complete export report, click HERE.
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Weekly Export Sales (million bushels)
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AS OF WEEK ENDING
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10/22/10
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Actual
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Last Week
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Trade Est.
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Wheat
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19.2
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22.2
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18.4
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Corn
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18.2
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21.7
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21.7
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Soybeans
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59.4
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74.4
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45.9
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Source: USDA, Reuters
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Tagged: usda, wheat, soybeans, soybean
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